Finance Riot Platforms Shares Jump 20% Following $9.1 Billion AI Deal
The Bitcoin miner's extensive agreement signifies a shift towards AI infrastructure revenue.
By James Van Straten | Edited by Sheldon Reback 22 min ago 2 min read Make preferred on ShareShare this articleCopy link X (Twitter)LinkedInFacebookEmailMake preferred on
Bitcoin mining equipment can be adapted for AI computations. (Shutterstock)Summary- Riot Platforms' stock jumped over 20% in pre-market trading on Tuesday, following the announcement of a $9.1 billion deal to supply Anthropic with AI computing resources.
- The 20-year contract allocates 191 megawatts of computing power to Anthropic, with potential extensions that could raise the total value to $16.1 billion.
- This agreement underscores a broader trend in the industry, as miners transition from bitcoin mining to AI infrastructure in pursuit of more stable revenue streams.
Riot Platforms (RIOT) experienced a significant rise of over 20% before U.S. equity markets opened on Tuesday, after disclosing a $9.1 billion deal with a prominent AI research lab, marking a critical shift in its business model towards supporting the artificial intelligence sector.
The 20-year agreement, identified by Bloomberg as being with Anthropic, involves 191 megawatts of computing capacity based at Riot's facility in Rockdale, Texas.
Previously focused solely on bitcoin mining, Riot is now emblematic of a broader industry transition towards AI infrastructure, as long-term contracts offer a more stable income compared to the unpredictable nature of bitcoin block rewards.
With extensive facilities already in place, miners can quickly meet the needs of AI clients, a competitive advantage over new developers starting from scratch. Recently, Anthropic entered into a separate six-year, $10 billion contract with Volta Infra to secure computing power at a site in Norway operated by bitcoin miner Bitdeer.
Operations at Riot's sites are set to commence in December 2027, with full completion anticipated by June 2028. The contract also includes two five-year extension options, potentially raising total revenue from the agreement to $16.1 billion. Riot estimates that the initial term will yield between $7.3 billion and $8.2 billion in net operating income.
This latest agreement follows Riot's prior lease with chip manufacturer Advanced Micro Devices (AMD), boosting the total contracted AI capacity at Rockdale to 241 megawatts. Riot successfully delivered an initial 25 megawatts in the second quarter and is currently working on an additional 25 megawatts of capacity.
In the second quarter, Riot reported a 14% increase in revenue, totaling $174.2 million, with $23.2 million deriving from its data center operations. Conversely, bitcoin mining revenue fell to $113.7 million as lower bitcoin prices and increased competition diminished earnings despite higher production levels.
To support its data center investments, Riot is financing its expenses by selling monthly bitcoin production and decreasing its bitcoin holdings. Data from BitcoinTreasuries.net shows that Riot's holdings decreased from 15,680 bitcoins to 11,380 by the end of the quarter, marking a reduction of 4,300 BTC over the three-month period.
Recent months have seen a downturn in the AI sector, impacting other AI-focused miners such as Cipher Mining (CIFR), TeraWulf (WULF), and IREN (IREN), whose stock prices have dropped over 40% from their peak levels, despite ongoing deal activity.
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